Market positives from YPN move – Fox Lloyd Jones

YORKSHIRE Post Newspapers’ move from its headquarters of more than 40 years to a new city centre base could help drive the office market forward, according to one of the key figures involved.

More than 350 staff are to relocate to No 1 Leeds from the start of October from offices in Wellington Street, which presently houses the Yorkshire Post and Yorkshire Evening Post newspapers.

Staff from departments including editorial, advertising and IT will be based in 33,000 sq ft of office space across three floors.

Employees from the Wakefield Express, which is also owned by newspaper publisher Johnston Press, are also set to move to No 1 Leeds.

Fox Lloyd Jones, the surveyors and relocation specialists, acted on the letting – the biggest in the city so far this year.

The Leeds-based company is also managing the fit-out of the space at No 1 Leeds on Whitehall Road.

Director Paul Fox told TheBusinessDesk.com that although details of the deal were confidential, Yorkshire Post Newspapers had made a “long-term commitment” under the deal.

Mr Fox said Fox Lloyd Jones had been instructed by Johnston Press to explore a range of relocation options but No 1 Leeds had been the best fit for the client’s needs.

“We are delighted to have played a central role in helping the business move on to the next exciting chapter in their proud Leeds history,” he said.

“The area will soon have upward of 1,000 extra people walking along Whitehall Road and using the amenities and that can only be good for the West End area of the city. Getting that extra footfall is great news.”

Critics have said that IVG’s No 1 Leeds has struggled to attract tenants because of its location – a 10 minute walk to Leeds railway station and the city’s retail core.

However, Mr Fox stressed that energy company GDF Suez’s plan to lease 30,000 sq ft at IVG’s No 1 Leeds site showed the area was on the up and that deals could be done.

There has also been speculation that the next phase of MEPC’s Wellington Street scheme could be kick-started as conditions pick-up.

“The YPN deal means 60,000 sq ft has been taken at the building over the last three months and with law firm Gorodns committing to remain in its building nearby that bodes well for the area for the future and for the market,” he added.

It is understood that property agents are soon set to be instructed to sell the newspapers’ current home, which was opened in 1970.

The move is being made as Johnston Press looks to cut costs. The building also houses a printing press that is no longer in use.

Helen Oldham, managing director of Yorkshire Post Newspapers, added: “The move to No 1 Leeds will be transformative for Yorkshire Post Newspapers allowing us to strengthen our position as multi-media publishers.”

Alex Duckett, associate with property consultancy Knight Frank in Leeds, one of the agents on No 1 Leeds, said: “This is the single largest letting for over 12 months in Leeds, surpassing Gratterpalm who also took 19,000 sq ft at this spectacular building in March.

“The landlord, IVG,  challenged their letting team to reposition the building in the market and these lettings are the fruition of this.

“The high specification at No 1 Leeds is reflected in the lowest running costs available in the city for this size of building and this was no doubt of utmost importance to the tenant in these recent deals.”